Golf Resort Appoints Ernst & Young Receivers

Lucas Gilmore, “Big 4″ observer
January 17, 2011 /

Tough economic environment has continued to whip the tourism and hospitality sector as another golf resort and spa went into Ernst & Young receivership, Newstead Belmont Hills confirmed today.

The receivership covers Newstead Belmont Hills Shuttle Ltd., Newstead Belmont Hills Hotel Ltd., Belmont Hills Golf Course Management Limited and Belmont Hills Property Limited, with Gil Tucker and Rob McMahon having been appointed as receivers.

Tucker and McMahon said the receivership is not expected to send drastic impacts to the normal operations of the golf resort which will now run under their management.

The receivers will reorganize and restructure the golf resort’s operations for the business to continue trading and attract serious buyers.

Customers in good standing will still have access to the golf resort, including owners of fractional units. Restaurants in the golf resort are still unaffected by the receivership and are running independently.

The golf resort has been added to the list of facilities in the hospitality sector that declared insolvency in the recent months amid drastic economic conditions.

Last week, several firms in the sector went into administration of several businesses advisory and accounting firms.

Machrie Golf Links, situated in Hebridean island with 16 rooms, 15 separate lodges owned by Mendougal, shops and restaurant, and a 71-par golf course, has been put into sale by KPMG administrators amid cutbacks in government spending.

The Swansea-based coach operator fell into PricewaterhouseCoopers administration on January 7 after continuous price increase of fuel and rigid trading environment slammed the industry and suspended its trading.

And late last week, 207 public houses previously managed by Robert Tchenguiz have called in Deloitte administrators.

 

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